Today In Data

Today In Data: Financial Services, Data Management Concerns And Moving Zettabytes

Today in PYMNTS’ data, financial services firms are moving electronic money and data, banks have major concerns about data management, multiple zettabytes of information are now produced on a global scale, consumers are more satisfied with features offered by large-format stores than small-format ones and ransomware is crippling small businesses.

 

Here are the numbers:

$75 trillion | Amount that financial services technology firm Fiserv has moved across 30 billion digital payments in peer-to-peer (P2P), consumer-to-businesses (C2B) and business-to-consumer (B2C) transactions, according to a recent interview with Vice President of Electronic Payments Product Strategy and Management Tammi Shapiro and Vice President of Electronic Payments Partnerships and Business Development Paul Diegelman.

90 percent | Percentage of banks that say they have major concerns about data management, per a report released last week by Wolters Kluwer’s Finance, Risk & Reporting, developed in conjunction with Risk.net. By comparison, just 10 percent said they were concern-neutral, and no banks reported having zero concerns regarding data management.

44 | Number of zettabytes of data estimated to be accrued worldwide between now and three years from now, according to global market intelligence firm IDC. Seven years ago, the total amount of information produced on a global scale passed 1 zettabyte for the first time. If a single cup of coffee holds a gigabyte, then the Great Wall of China stores a zettabyte.

31.9 | Average consumer satisfaction score (out of 100) for omnichannel features offered by large-format stores, roughly a point higher than the Index average, according to the results of the latest Omni Usage Index™, powered by PYMNTS and Vantiv. At the other end of the scale, features offered by small-format stores received an average Index score of just 26.5 out of 100.

20 percent | Portion of small businesses hit by ransomware who said they were so crippled by the attack that they had to immediately stop operations. While some said they acknowledged ransomware as a significant threat, less than half said they were confident they would be able to deal with a ransomware attack, per research released by cybersecurity and anti-malware software provider Malwarebytes earlier this year in its “Second Annual State of Ransomware Report.”

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Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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